Sagimet Biosciences’ (SGMT) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright restated their buy rating on shares of Sagimet Biosciences (NASDAQ:SGMT) in a research note published on Tuesday,Benzinga reports. The brokerage currently has a $29.00 price target on the stock.

Other research analysts also recently issued research reports about the stock. Guggenheim started coverage on shares of Sagimet Biosciences in a research report on Tuesday. They set a “buy” rating and a $27.00 target price on the stock. Barclays initiated coverage on Sagimet Biosciences in a report on Tuesday, January 27th. They set an “equal weight” rating and a $8.00 target price for the company. Wall Street Zen lowered Sagimet Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, November 22nd. Zacks Research lowered shares of Sagimet Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Sagimet Biosciences in a research note on Thursday, January 22nd. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $26.00.

Sagimet Biosciences Stock Up 5.3%

Shares of NASDAQ SGMT opened at $6.56 on Tuesday. Sagimet Biosciences has a twelve month low of $1.73 and a twelve month high of $11.41. The firm has a market cap of $213.33 million, a PE ratio of -3.69 and a beta of 3.39. The business has a fifty day simple moving average of $6.16 and a two-hundred day simple moving average of $7.22.

Sagimet Biosciences (NASDAQ:SGMT) last announced its quarterly earnings results on Thursday, November 13th. The company reported ($0.40) EPS for the quarter, beating the consensus estimate of ($0.41) by $0.01. On average, research analysts expect that Sagimet Biosciences will post -1.6 earnings per share for the current year.

Insider Buying and Selling

In other Sagimet Biosciences news, Chairman George Kemble sold 37,688 shares of the business’s stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $7.69, for a total transaction of $289,820.72. Following the sale, the chairman owned 81,005 shares of the company’s stock, valued at approximately $622,928.45. The trade was a 31.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 14.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sagimet Biosciences

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Sagimet Biosciences by 4.3% during the third quarter. Vanguard Group Inc. now owns 1,203,231 shares of the company’s stock valued at $8,254,000 after buying an additional 49,375 shares during the last quarter. Millennium Management LLC lifted its position in Sagimet Biosciences by 6,484.7% during the 3rd quarter. Millennium Management LLC now owns 776,377 shares of the company’s stock worth $5,326,000 after acquiring an additional 788,537 shares during the period. Schonfeld Strategic Advisors LLC grew its stake in Sagimet Biosciences by 462.4% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 523,774 shares of the company’s stock valued at $3,593,000 after purchasing an additional 430,644 shares during the last quarter. Bridgeway Capital Management LLC increased its holdings in shares of Sagimet Biosciences by 231.6% in the second quarter. Bridgeway Capital Management LLC now owns 412,841 shares of the company’s stock valued at $3,146,000 after purchasing an additional 288,341 shares during the period. Finally, Readystate Asset Management LP raised its stake in shares of Sagimet Biosciences by 20.9% in the third quarter. Readystate Asset Management LP now owns 325,359 shares of the company’s stock worth $2,232,000 after purchasing an additional 56,166 shares during the last quarter. 87.86% of the stock is owned by hedge funds and other institutional investors.

Sagimet Biosciences Company Profile

Sagimet Biosciences (NASDAQ: SGMT) is a clinical-stage biotechnology company focused on developing novel therapies for fibrotic diseases. The company’s lead program, CM-101, is a first-in-class fusion protein designed to neutralize the chemokine CCL24 and interrupt key drivers of tissue fibrosis. Preclinical data have demonstrated CM-101’s potential to block fibrotic signaling pathways in multiple organ systems, and the company has advanced the program into early-stage clinical evaluation for indications such as nonalcoholic steatohepatitis and systemic sclerosis.

In addition to CM-101, Sagimet maintains a pipeline of preclinical candidates targeting inflammation-driven fibrotic processes.